Correlation Between Shelton Funds and Fidelity Advisor
Can any of the company-specific risk be diversified away by investing in both Shelton Funds and Fidelity Advisor at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Shelton Funds and Fidelity Advisor into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shelton Funds and Fidelity Advisor Managed, you can compare the effects of market volatilities on Shelton Funds and Fidelity Advisor and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Shelton Funds with a short position of Fidelity Advisor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shelton Funds and Fidelity Advisor.
Diversification Opportunities for Shelton Funds and Fidelity Advisor
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shelton and Fidelity is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shelton Funds and Fidelity Advisor Managed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Advisor Managed and Shelton Funds is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Shelton Funds are associated (or correlated) with Fidelity Advisor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Advisor Managed has no effect on the direction of Shelton Funds i.e., Shelton Funds and Fidelity Advisor go up and down completely randomly.
Pair Corralation between Shelton Funds and Fidelity Advisor
Assuming the 90 days horizon Shelton Funds is expected to generate 4.89 times more return on investment than Fidelity Advisor. However, Shelton Funds is 4.89 times more volatile than Fidelity Advisor Managed. It trades about 0.05 of its potential returns per unit of risk. Fidelity Advisor Managed is currently generating about 0.11 per unit of risk. If you would invest 3,448 in Shelton Funds on September 14, 2024 and sell it today you would earn a total of 574.00 from holding Shelton Funds or generate 16.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 85.07% |
| Values | Daily Returns |
Shelton Funds vs. Fidelity Advisor Managed
Performance |
| Timeline |
| Shelton Funds |
| Fidelity Advisor Managed |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Shelton Funds and Fidelity Advisor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shelton Funds and Fidelity Advisor
The main advantage of trading using opposite Shelton Funds and Fidelity Advisor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shelton Funds position performs unexpectedly, Fidelity Advisor can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Fidelity Advisor will offset losses from the drop in Fidelity Advisor's long position.| Shelton Funds vs. Ab Impact Municipal | Shelton Funds vs. Oklahoma Municipal Fund | Shelton Funds vs. Old Westbury Municipal | Shelton Funds vs. Counterpoint Tactical Municipal |
| Fidelity Advisor vs. Shelton Funds | Fidelity Advisor vs. Issachar Fund Class | Fidelity Advisor vs. Ab Small Cap | Fidelity Advisor vs. Century Small Cap |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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